Mandatory submission of quarter Summary List of Sales and Purchases

On February 20, 2012, the Bureau of Internal Revenue (BIR) issued Revenue Regulations No. (RR) 1-2012, which requires the mandatory submission of quarterly summary list of sales and purchases (SLSP) by all Value-Added Tax (VAT) registered taxpayers, thereby amending Section 4.114-3 of RR 16 -2005, as amended, otherwise known as the Consolidated Value-Added Tax Regulations of 2005.

SECTION 4.114-3 (a). Submission of Quarterly Summary List of Sales and Purchases is modified as follows:

1. Persons required to submit summary lists of sales – All persons liable for VAT such as manufacturers, wholesalers, service-providers, among others are required to submit Summary List of Sales.

2. Persons required to submit summary lists of purchases - All persons liable for VAT such as manufacturers, service-providers, among others are required to file Summary List of Purchases.

Moreover, Section 4.114-3(e) 7 has also been modified to provide that the quarterly SLSP shall be submitted through compact disk-recordable (CDR) medium following the format provided in Subsection (g) of the regulations.

All reference to “magnetic form 3.5-inch floppy diskettes” in RR 16-2005 shall henceforth refer to “Compact Disk-Recordable (CDR)” device.

This Revenue Regulations took effect on January 1, 2012.

Outsourcing Brief – January to March 2012

Punongbayan and Araullo